Cover Protocol Suffered Infinite Minting Attack
Today, a hacker has exploited the Cover staking protocol, inflating the token supply by printing over 40 quintillion coins. Then, the attacker liquidated over 11,700 coins on the 1inch exchange. In total, the hacker cashed out more than $4M from the project.
In couple of hours, the hacker claimed responsibility for the attack, saying all funds had been returned. However, the price of the COVER token has already fallen sharply and it is currently trading down by 84% at around $120.
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